Thursday, September 2, 2010

Transocean (NYSE:RIG) Moves Oil Rig, Jobs, Out of Gulf

One of the oil rigs left with nothing to do in the Gulf of Mexico because of the Obama administration moratorium on deepwater drilling, has been moved by Transocean (NYSE:RIG) - along with the jobs it would have provided - to Nigeria.

The rig is contracted out to ENI from Italy, which left the region last week.

Thousands of jobs are at stake as the oil moratorium continues to take its toll on oil workers and those who serve the industry.

A federal judge allowed the lawsuit against the moratorium to go forward today, saying the second moratorium was in essence no different from the first, and based on no new data.

Protests are spreading across the nation, beginning in Texas, as the oil industry and oil workers express their outrage toward the Obama administration for refusing to halt the moratorium, even after a federal judge had said they had to after the first moratorium.

That led to the disingenuous second moratorium, which the judge ruled on Wednesday.